Qur'aanic Verse 48:1:
1. Inna fatahna laka fathan mubeenan
1. We have indeed granted you a clear victory.1
1. Verses occurring later in this Chapter indicate that the victory mentioned here is neither that at the battle of Badr nor the conquest of Mecca. In between those two events, Prophet Muhammad [peace on him] had set off from Medina, with some of his companions, to perform Umrah at Mecca which was still in the hands of the polytheists. On their way, the party was stopped at a place called Hudaibiah and not allowed to proceed further. Negotiations between the party and the Meccans followed, wherein, the Muslims agreed to return to Medina that year, and the Meccans agree to allow them to come for the pilgrimage next year. Although the treaty enabled peace for the future propagation of Islam, certain terms therein were apparently humiliating for the Musims. Therefore, most of the Muslims could not then understand why it was being called a victory. They nevertheless reiterated there their oath of allegiance to the Prophet. Only later on did they realize that the extended period of peace they gained was the real victory; for, Islam spread rapidly therein.
The above is an extract from yet-to-be-published Qur'aanic Studies Manzil VI.